The IFT warrants are looking very cheap based on todays head share price.
Printable View
The IFT warrants are looking very cheap based on todays head share price.
I agree they're undervalued.
My valuation model, based on an IFT price of $6.14, assesses the warrants at $2.92 whereas the last trade was at $2.81.
Make that 6.17 now... What's caused this?
Whats caused this.
There could be a number of reasons. The volumes and current price trend started early January and has hardly paused since. It would not surprise me to see a disclosure notice from a new investor sometime in the near future.
The movement over the last few days could be associated with Macquries venture into NZ airport assets.
Interesting. Excuse my lack of knowledge but any guesses on who it could be?Quote:
quote:It would not surprise me to see a disclosure notice from a new investor sometime in the near future.
Caesius
From todays market summary.
'Trustpower majority shareholder Infratil was also up strongly to 10c to $6.25, as rumours of an interested buyer for Wellington Airport emerged'
Fantastic news.
Wellington to get 61 new trolley buses
Email this storyPrint this story 7:00PM Thursday May 10, 2007
Wellington commuters are to get a more comfortable ride with 61 new trolley buses to hit the capital's roads.
The Greater Wellington Regional Council and NZ Bus signed a contract today for the new-seat trolley buses.
Costing $460,000 each, the buses would not only provide environmental benefits but would be a significant step up in terms of passenger comfort and reliability, council chairman Ian Buchanan said.
Two prototypes would be on the road in August this year, and delivery of the remainder of the fleet would take place over two years starting in February next year.
NZ Bus CEO Bill Rae said they were working on other improvements that would make Wellingtonians' trips more reliable and pleasant.
Green Party MP Sue Kedgley said she was delighted a Wellington icon had been saved.
Trolley buses were a quiet, sustainable form of transport using renewable energy sources and did not emit pollution, she said.
Apparently an airport in England has been sold to private equity at more than twice what IFT has valued its airports at. Maybe they are going to sell the lot.
Looks OK AR and the share split and another warrent giveaway should put even more of a rocket under things.
Initially IFTWB have gone up and IFT holding own.
IFT
14/05/2007
FLLYR
REL: 1205 HRS Infratil Limited
FLLYR: IFT: Infratil Results for Year Ended 31 March 2007
Infratil had a successful year as measured by returns to shareholders,
transactions undertaken and progress at each of its businesses.
Developments at TrustPower and Infratil Energy Australia were especially
notable. Wellington Airport and Energy Developments were solid performers.
There was progress at Infratil Airports Europe, NZ Bus and the co-investment
agreement with NZ Superannuation and it is hoped that each will translate
into future value uplift and hence returns.
Infratil's goal is a 20% per annum after tax return to shareholders and this
was achieved in the year to 31 March 2007. Imputed dividends of 12.5 cents
per share were paid and the share price rose 31%.
RESULTS
For the year to 31 March 2007, Infratil's earnings before interest,
depreciation, amortisations, realisations and tax were $145.2 million (2006
$77.6 million).
Earnings before interest, tax and realisations were $91.3 million (2006 $53.5
million).
Net profit was $34.7 million (2006 $8.0 million).
FINANCIAL POSITION
As at 31 March 2007, total consolidated assets were $3,730 million (2006
$1,705 million). Consolidated equity was $1,686 million (2006 $793 million).
Net group bank debt was $548 million (2006 $253 million) and subordinated
bond debt was $941 million (2006 $482 million).
Net bank borrowing of Infratil and its wholly owned subsidiaries was $192
million (2006 $140 million) and $730 million (2006 $482 million) of
Infrastructure Bonds were on issue.
Infratil's shareholders' funds, after minorities, were $875 million (2006
$666 million). When listed investments are included at market values
shareholders' funds were $1,616 million (2006 $1,159 million).
Consolidation of TrustPower for the first time and a number of "one-off"
transactions make it difficult to compare consolidated figures at 31 March
2007 with the prior year. The attached results breakdown and commentary
should be read in conjunction with the financial statements.
WIN-WIN-WIN : EMPLOYEES & COMMUNITIES
As a long term investor Infratil believes that its employees and communities
(including customers) must also "win" if it is going to continue to be
successful for its capital providers.
Achieving wins for these three groups will not necessarily occur
coincidentally. However, over the longer term, each of capital providers,
employees and communities must benefit from their interaction with Infratil
if it is to be successful.
Infratil's involvement in the Community Awards with Waitakere City, the
Wellington Community Trust and TrustPower; its support of the Wellington
Marine Education Centre; the support of NZ Bus for Starship Hospital, North
Shore Netball, the Karori Sanctuary, Wellington Zoo and Cuba Street Carnival
are all tangible indications of Infratil's reinvestment into its communities.
At each of its businesses Infratil is supporting initiatives to invest in
employees and to enhance their working environments. Infratil's businesses
are also investing to provide better services and facilities for their
customers and communities.
POLICY & SOCIAL ENVIRONMENT
Infratil's businesses have high levels of community involvement or
partnership. They are also in sectors of political sensitivity and interest.
Interactions over the last year have been constructive and complementary.
Local partnerships include with Wellington City (Wellington Airport),
Waitakere, North Shore and Rodney Councils (Whenuapai Airport), Tauranga
Energy Community Trust (TrustPower), Greater Wellington Regional Council
(Wellington buses), A
I nominate Lloyd Morrison as "Man of the Decade". Here is someone who delivers year after year, who senses the pulse of business as well as human aspirations, and who no-one seems to love to hate. He is one of the most astute businessmen around, and I only wish that I had more than the 15% of my portfolio tied to the fortunes of IFT.